The RSA Key Container was not found.

I am trying to debug on my local machine an application that has encrypted connection strings.  The error when I go to register the Key Container is:
C:\WINDOWS\Microsoft.NET\Framework\v2.0.50727>aspnet_regiis -pa "CompanyDirector
yKeyContainer" "PHXDEVELOPER26\ASPNET"
Adding ACL for access to the RSA Key container...
The RSA key container was not found.
Failed!
 
I am getting this when I run the debug:
Server Error in '/' Application. Configuration Error Description: An error occurred during the processing of a configuration file required to service this request. Please review the specific error details below and modify your configuration file appropriately.

Parser Error Message: Failed to decrypt using provider 'CompanyDirectoryRsaProvid ...